Bank Secrecy Act

1970 act of the United States Congress

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About Bank Secrecy Act

The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities. Notably, any individual leaving or entering the United States with $10,000 or more in currency must report it to Customs and Border Protection (CBP). This threshold has never been adjusted for inflation since 1970, which would be equivalent to $82,905 in 2025.

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Bank Secrecy Act

1970 act of the United States Congress

0members1here now

Ask Genius Site

Comments

Ask Genius by OpenServe:

Free account · your comment posts right after signup

About Bank Secrecy Act

The Bank Secrecy Act of 1970 (BSA), also known as the Currency and Foreign Transactions Reporting Act, is a U.S. law requiring financial institutions in the United States to assist U.S. government agencies in detecting and preventing money laundering. Specifically, the act requires financial institutions to keep records of cash purchases of negotiable instruments, file reports if the daily aggregate exceeds $10,000, and report suspicious activity that may signify money laundering, tax evasion, or other criminal activities. Notably, any individual leaving or entering the United States with $10,000 or more in currency must report it to Customs and Border Protection (CBP). This threshold has never been adjusted for inflation since 1970, which would be equivalent to $82,905 in 2025.

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members

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Country: United States

Coverage spread L0 / C67 / R33

Everything about Bank Secrecy Act →

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